Before you decide to trade in Bitcoin via apps like profit revolution, it is important to understand how they are mined. Mining bitcoin involves (you guessed it right) miners and users on the network who solve complicated mathematical problems. Solving these problems act as a kind of verification for the transactions that you would carry out. They also ensure that your network is secure and it continues discovering new BTC.
Bitcoin mining bears a crucial impact on the amount of BTC that is available at present. Additionally, it also indicates whether or not the network for transactions is safe. For solving these mathematical problems, miners receive something called a block reward. These rewards are added to the network whenever there is a new transaction. Solo miners, however, find it difficult to mine on their own and profitably. There are two reasons for this.
Firstly, there is something called Bitcoin halving. This event is programmed in a way that it happens only when the miner has mined a total 210,000 Bitcoins. Bitcoin halving splits the aforementioned block reward into two. As a result, the main prize reduces in size. And secondly, the mining process gets pretty difficult when there is an increase in the collective computing power in the blockchain network. With continuous growth in the blockchain network, you can expect that computing power to increase as well. That is the only way in which you can succeed. In order for that to happen, you must invest a large amount employing a high-quality computer.
As a result of the situation discussed above, Bitcoin farms have developed in quite a few places in the world. A bitcoin mining farm can be defined as a large space almost similar to a warehouse. There is special mining equipment available on these farms. These farms are also totally air-conditioned so that the computer doesn’t overheat. The other equipment too stays protected in the Bitcoin farms which ensures that Bitcoin mining provides the best results. Bitcoin farms usually have their own investors which operate in the form of start-ups. The 5 largest and most famous of them are discussed below.
Liaoning Province, Northeast China
One of the largest Bitcoin farms in the world, this one is located in Liaoning Province of the northeastern part of China. The mining operations are undertaken in an abandoned factory that has been refurbished for this purpose. With a superlative computer power of about 360,000 TH, this farm is able to mine more than 700 Bitcoins every month.
This also explains the reason behind so many investing in Bitcoin through exchange sites available online. The level of competition is pretty high and many of these people don’t have an option of joining a mining pool or farm for that matter.
Online sites for Bitcoin exchange can be accessed very easily via desktop devices as well as your smartphone. What you need is a trading platform that is trustworthy, deposit something there and initiate the trading activities. The software being powered by AI ensures daily profitability close to 60 percent.
Initially located in Zurich, the owner of this Bitcoin farm Guido Rudolphi decided to relocate it to a small village. That’s because the electricity costs at Zurich were too high and the farm operates with relatively more efficiently than it did in Zurich. Here too, the Bitcoin farm has been set up in a factory building and has been mining Bitcoins successfully since 2016. Due to the cool climate of this village, the mining process is aided further by ensuring that the computer is not exposed to overheating.
What makes this Bitcoin farm so suitable for mining is the cold temperature of Iceland. This Bitcoin farm called the Genesis Mining farm started operating in 2013. Ever since then, this farm has made quite a name for itself in the Bitcoin mining industry. The rate at which it operates is close to 1000 GH. It is also the largest company in terms of cloud mining. The farm has also opened in Russia and Canada.
This Bitcoin seems to be relatively more secretive than the others, given that not a lot of information is available about it. However, it is said that the farm mines an estimated 600 Bitcoins at the rate of 38 PH per second. It’s interesting to know that out of all the nodes in the blockchain network, 3 percent are Russian. It’s still illegal to mine Bitcoin in Russia, even though you can trade it through sites that are licensed.
One of the oldest Bitcoin farms, Bitfury was founded by Variety Vavilov whose company also offers services pertaining to blockchain technology, cryptocurrency, and AI. It was formed in 2009 and has spread across 17 countries globally where it offers the above services.